In connection with the previously announced termination of conversion
rights for CommScope’s 3.50% Convertible Senior Subordinated Debentures
due 2024, all $100 million of the outstanding debentures have been
converted into CommScope common stock (NYSE:CTV).
The debentures were converted at a rate of 99.354 shares per $1,000
principal amount (representing a conversion price of approximately
$10.065 per share). In connection with the conversions, holders will
also receive a coupon make-whole payment in shares of CommScope common
stock. As a result of the conversions, CommScope will be issuing
approximately 10.4 million shares of CommScope common stock.
The company expects to incur a noncash charge of approximately $11.5
million in the second quarter for the coupon make-whole payment related
to the conversion.
Inc. (NYSE: CTV)(www.commscope.com)
is a world leader in infrastructure solutions for communication
networks. Through its Andrew®
brand, it is a global leader in radio frequency subsystem solutions for
wireless networks. Through its SYSTIMAX®
brands, CommScope is a world leader in network infrastructure solutions,
delivering a complete end-to-end physical layer solution, including
cables and connectivity, enclosures, intelligent software and network
design services, for business enterprise applications. CommScope also is
the premier manufacturer of coaxial cable for broadband
cable television networks and one of the leading North American
providers of environmentally secure cabinets
for DSL and FTTN applications. Backed by strong research and
development, CommScope combines technical expertise and proprietary
technology with global manufacturing capability to provide customers
with infrastructure solutions for evolving global communications
networks in more than 130 countries around the world.
This press release includes forward-looking statements that are based on
information currently available to management and on management's
beliefs, as well as on a number of assumptions concerning future events.
Forward-looking statements are not a guarantee of performance and are
subject to a number of uncertainties and other factors, which could
cause the actual results to differ materially from those currently
expected. For a more detailed description of the factors that could
cause such a difference, please see CommScope's filings with the
Securities and Exchange Commission. In providing forward-looking
statements, the company does not intend, and is not undertaking any
obligation or duty, to update these statements as a result of new
information, future events or otherwise.